Four Alternatives To Bankruptcy

If you are struggling with personal debt from medical bills, credit cards, mortgages and other loans, it is important to remember that you have options before resorting to bankruptcy. Even if you think bankruptcy may be the answer, federal law requires you to explore other debt relief options first in a credit counseling program.

Here are four alternatives to bankruptcy:

  1. Careful budgeting — You may be able to get yourself out of debt on your own, by carefully budgeting your spending, cutting out unnecessary expenses and negotiating with your creditors. This alone may not be enough, but if you can figure out a way to budget your way out of debt, this gives you the most control over your financial destiny.
  2. Credit counseling— It can very hard to get out of debt without the help of a professional. Credit counselors can help you come up with a budget to get your debt under control.
  3. Debt management plans — A debt counseling organization may also be able to help you set up a debt management plan, in which they oversee the repayment of your debts and act as an intermediary between you and your credits.
  4. Debt consolidation — While there are different ways to consolidate debt, it generally involves combined two or more loans or bills into one.

Depending on your situation, there could still be other options for debt settlement and relief. At The Law Offices of George Castrataro, P.A., we can help you find the option that is best for you.

Explore Your Options With An Experienced Bankruptcy Lawyer

No matter which method you choose to get out of debt, it will take patience and hard work, and you will need to learn more about your options. To schedule a free consultation with an attorney, call The Law Offices of George Castrataro, P.A., in Fort Lauderdale at 954-573-1444 or send us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.